Blog

Social Security, Medicaid Income And Resource Levels And The Regional Rates For Calculating A Penalty Period For 2016

The Social Security and Supplemental Security Income (SSI) benefits did not increase for 2016, and remain the same as in 2015. There is also no increase in the spousal impoverishment standards for 2016.  The community spouse Minimum Monthly Maintenance Needs Allowance (MMMNA) remains at $2,980.50.  This is the amount of monthly income a spouse who…

Read more

Sweeping Changes to Claiming Social Security Benefits

The budget bill signed on November 2, 2015 by President Obama included sweeping changes in the claiming of Social Security benefits. The changes ended two major Social Security claiming strategies for married couples. No more file and suspend or restricted application. If you have not filed for social security benefits within 180 days of the bill’s…

Read more

Trust Planning and its Interplay with Asset Protection – An Overview

Asset protection planning is the development of legal planning techniques to place the client’s assets beyond the reach of future (not present or known) creditors. Many individuals have the potential for future creditor problems, whether it be through divorce, malpractice claims, tax liens, business claims, long term care expenses or other catastrophic expenses. Therefore, it…

Read more

What are my Duties as Agent on a Power of Attorney?

Your mom has appointed you as her agent on her power of attorney. Now what? All powers of attorney signed on or after September 12, 2010, must be signed by the agent (you), acknowledging your appointment in order for you to act. The power of attorney document informs the agent (you) of your legal responsibilities:…

Read more

Social Security Retirement Planning If You Are Divorced

If you are divorced, you are entitled to receive benefits on your ex-spouse’s record (even if he or she has remarried) if: 1. Your ex-spouse is entitled to Social Security benefits. If your ex-spouse worked for ten years or more, then he or she is eligible to receive retirement benefits as early as age 62.…

Read more

Protecting your Home from the Catastrophic Cost of Long Term Care

The average cost of a nursing home stay in the Central New York region is over $100,000 per year.  Many people want to make sure their home is protected if they ever need to be placed in a nursing home. The home is protected if there is a surviving spouse or a disabled child living…

Read more

Is your family taking advantage of the New York State Nursing Home Assessment Credit?

New York Public Health Law §2807-d(2)(b) imposes an assessment on New York residential health care facilities of six percent (6%) of the receipts of the residential health care facility. In most cases, the nursing homes pass on this assessment to the residents. This assessment is shown as a separate line item on the nursing home…

Read more

Top Ten Reasons to have a Will

While none of us like to contemplate our mortality, it is vital to plan for what happens to your assets when you pass away.  Not only does a will allow you to distribute your assets according to your wishes, it can legally protect your family and save your family time and money. Here are the…

Read more

Top Ten Misconceptions Regarding Planning for the Payment of Long Term Care-Part 2

Part two of this article discusses the last five of 10 common misconceptions relating to planning for the payment of long term care. Misconception #6. The best way to protect my home in the event of a long term stay in a nursing home is to transfer the house to my children, and retain life…

Read more

Top Ten Misconceptions Regarding Planning for the Payment of Long Term Care-Part 1

The following are the first five of 10 common misconceptions relating to planning for the payment of long term care. Misconception #1: Medicare or other health insurance will cover the cost of long term care, either at home or in a nursing home. Traditional health insurance does not cover the cost of care in a…

Read more